Swedish conglomerate Lantmännen has booked a drop in full-year profit, hurt by slow growth in its food divisions.

In the 12 months to the end of December, earnings amounted to SEK565m (US$88.6m) from SEK841m in the prior year. The company blamed the drop on poor growth at its machinery and food sectors.

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Operating income in the period slid to SEK685m versus SEK1.20bn last year as a result of restructuring costs in its food division.

Sales were down 3.6% to SEK36.53bn, largely due to currency effects, the company said.

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